Balenciaga aims to expand its business outlook by beginning to accept cryptocurrencies like Bitcoin and Ethereum payments in its first phase.
Balenciaga, a French luxury brand, has announced that it will accept cryptocurrency payments such as Bitcoin and Ethereum in the United States.
There is no definitive explanation for why Balenciaga
made this decision, but there may be sufficient circumstances surrounding it. It’s easy to assume that this was influenced solely by the fashion house’s drop in value over the last ten days. The volatile fluctuations could have been a source of concern, or it could simply be a matter of customer preference.
Balenciaga will accept cryptocurrency at all of its flagship stores in the United States, including Madison Avenue in New York, Rodeo Drive in Beverly Hills, and its website. The brand also predicted that other regions and e-commerce would follow suit.
Meanwhile, decisions on which payment solution provider will be used are still being made. To begin, Bitcoin and Ethereum will be accepted, followed by other currencies in due course. Balenciaga indicates that it will consider cryptocurrency in the long run, and currency value fluctuations are nothing new.
A few other luxury retailers have begun to embrace cryptocurrencies as well. Off-White made a similar payment arrangement in its flagship stores in Paris, London, and Milan in March. Other brands, such as Tag Heuer and the LVMH Hot, announced earlier this month that customers would be able to pay with a variety of cryptocurrencies, including Bitcoin, Dogecoin, and Ethereum, at checkout.
Gucci has also quickly adopted Web3 technologies. Gucci recently formed a Web3-focused team and acquired digital real estate for development on The Sandbox. Adidas and Al Dente, among others, are developing land on The Sandbox, a blockchain-based real estate platform.
Gucci has also sold a one-of-one art film for $25,000 in June 2021, in addition to its Sandbox investment. As a result, it was the first luxury brand to release an NFT. It has since released two more NFT projects and set up a Discord server.
